Amount Deposited at the beginning of each month in RESP = $50
a). Calculating the Accumulated value at the end of 12 years:-
Where, C= Periodic Deposits = $50
r = Periodic Interest rate = 3.70%/12 = 0.308333%
n= no of periods = 12 yrs*12 =144
Future Value = $9074.37
So, ACcumulated value at the end of 12 year is $9074.37
Note- as question has asked to calculate accumulated value at the end of 12 year , the same has been calculated.
MULCHI Close Date: Thu, Jul 30, 2020 4:15 PM Question 10 of 13 Since the birth...
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